Pet insurance might seem like an unnecessary expense, but it can save you thousands of dollars in unexpected veterinary bills. When your pet gets sick or injured, the last thing you want to worry about is how you’re going to pay for it. That’s where pet insurance comes in. In this guide, we’ll walk you through everything you need to know about pet insurance, including how it works, what to look for in a pet insurance company, and frequently asked questions about pet insurance.
How Does Pet Insurance Work?
Pet insurance works similarly to health insurance for humans. You pay a monthly premium, and in exchange, the insurance company covers a portion of your pet’s veterinary bills. Most pet insurance policies have a deductible, which is the amount you have to pay out-of-pocket before the insurance kicks in. The insurance company also sets limits on how much they will pay out per year or per incident. You’ll need to select a policy that fits your budget and your pet’s needs.
When you need to take your pet to the vet, you’ll pay the full amount of the bill upfront. Then, you’ll file a claim with the pet insurance company to get reimbursed for the covered portion of the bill. The reimbursement process can take anywhere from a few days to a few weeks, depending on the company and the complexity of the claim.
It’s important to note that most pet insurance companies do not cover pre-existing conditions. That means if your pet has a chronic condition or a condition that was diagnosed before you got pet insurance, it will not be covered.
What Are the Types of Pet Insurance Policies?
There are three main types of pet insurance policies:
Type of Policy |
Description |
Accident Only |
Covers only accidents, such as broken bones, poisoning, and burns. Does not cover illnesses. |
Accident and Illness |
Covers both accidents and illnesses, such as cancer, diabetes, and allergies. |
Wellness |
Covers routine veterinary care, such as annual check-ups, vaccinations, and dental cleanings. This policy is often offered as an add-on to an accident and illness policy. |
Most pet owners opt for an accident and illness policy, as it provides the most comprehensive coverage. However, if you have a young, healthy pet, an accident-only policy might be sufficient.
What Should You Look for in a Pet Insurance Company?
When choosing a pet insurance company, there are several factors to consider:
- Coverage: Look for a policy that covers the types of veterinary care your pet is most likely to need. For example, if you have a breed that is prone to hip dysplasia, make sure the policy covers that condition.
- Deductible: Choose a deductible that fits your budget. Keep in mind that a higher deductible will result in a lower monthly premium.
- Reimbursement Percentages: The higher the reimbursement percentage, the more the insurance company will pay for each claim. Look for a policy with a reimbursement percentage of at least 80%.
- Maximum Payout: The maximum payout is the total amount the insurance company will pay out per year or per incident. Look for a policy with a high maximum payout that fits your budget.
- Waiting Periods: Most pet insurance policies have waiting periods before coverage kicks in. Make sure you understand the waiting periods for each policy you’re considering.
Additionally, look for a pet insurance company with good customer service and a simple claims process. Read online reviews and ask for recommendations from other pet owners.
The Best Pet Insurance Companies
There are dozens of pet insurance companies on the market, each with its own strengths and weaknesses. Here are a few of our top picks:
Petplan
Petplan offers comprehensive accident and illness coverage, as well as coverage for hereditary and congenital conditions. They have a 24/7 veterinary helpline and a simple claims process. Petplan is also one of the few pet insurance companies that covers prescription medications.
Healthy Paws
Healthy Paws is known for its high reimbursement percentages, with some policies covering up to 90% of veterinary costs. They don’t have any annual or per-incident limits, and they cover alternative therapies like acupuncture and chiropractic care.
Nationwide
Nationwide offers several levels of coverage, including an accident-only policy and a comprehensive accident and illness policy. They also offer a wellness add-on policy. Nationwide is the only pet insurance company in the US that covers exotic pets like birds and reptiles.
Frequently Asked Questions About Pet Insurance
Is Pet Insurance Worth It?
Pet insurance can be worth it if you have a pet that is prone to accidents or illnesses, or if you want to avoid unexpected veterinary bills. However, if you have a young, healthy pet, you may not need pet insurance.
How Much Does Pet Insurance Cost?
The cost of pet insurance varies depending on several factors, including your pet’s age, breed, and overall health, as well as the type of coverage you choose. On average, pet insurance costs between $30 and $50 per month.
What Does Pet Insurance Cover?
Pet insurance covers the cost of veterinary care for accidents and illnesses, as well as some routine care like vaccinations and annual check-ups. However, each policy is different, so make sure you read the fine print before signing up.
What Isn’t Covered by Pet Insurance?
Most pet insurance policies do not cover pre-existing conditions, elective procedures like spaying and neutering, or cosmetic procedures like tail docking.
Do I Have to Use a Specific Veterinarian with Pet Insurance?
Most pet insurance companies do not require you to use a specific veterinarian. However, some policies have a network of preferred providers that offer discounted rates.
With the right pet insurance policy, you can rest easy knowing that your furry friend will get the care they need without breaking the bank. Use this guide to choose the best pet insurance company for you and your pet’s needs.
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